With near-instant deposits and withdrawals, our Chip Instant Access Account is completely free to open and pays 3.75% AER (variable). Please check out our FAQs below.

The Chip Instant Access Account offers 3.75% AER (Variable) (3.69% Gross), paid on the entire balance up to £1 million. All this while the funds you deposit are protected by the Financial Services Compensation Scheme (FSCS) up to £85,000*.

This account has a tracker rate. This means the gross interest rate is variable and tracks at 1.06% below the current Bank of England base rate.

Yes. There are no fees or charges for holding this account. Please see our pricing page for general fee information.
​

You need to be over 18, a UK resident and need to pay tax solely in the UK to be eligible for a Chip Instant Access Account. All you need to do is provide some details, pass an identity check with Chip and ClearBank and you’re good to go, in most cases this will take a couple of minutes. If not, we may ask for additional documentation to confirm your identity.

Please note: As with all Chip products, we cannot accept applicants resident in the Channel Islands, Isle of Man or the US.

This account offers compounding interest that accrues daily and is paid monthly on the fourth business day of the month. Interest is typically paid between 4 and 8 pm.

Before the fourth working day of the month, the 'Pending' interest figure will show both this month's interest accrual and last month's accrual. However, when it's paid, only last month's interest will be paid. Anything accrued before the fourth working day of this month will be paid on the fourth working day of next month

Once your deposit has cleared into the account, it will begin to accrue interest at 12 am the following day. You can read more about how interest is calculated here.

Interest will accrue on your funds as soon as they have been processed into the account. Accruals happen at midnight every day.
​

Just head over to the 'Savings' tab, select Chip Instant Access Account, then tap 'Add money' and enter how much you want to add to your balance and choose your deposit method.
​

The 'Pending Interest' figure will show all interest earned to date which is yet to be paid. This includes any interest accrued in the current month. Up until the fourth working day of the month (when interest is paid), this figure will also include any interest accrued in the previous month.

You can make instant deposits into the Chip Instant Access Account via the bank account you have linked to Chip. Just select 'Deposit by bank transfer' for secure instant deposits via Truelayer.

You have the option of depositing via bank transfer, your debit card or Apple/Google Pay. Please note card and Google/Apple Pay deposits can take up to 3 working days to clear and you will not start earning interest on your deposits until the funds have finished processing.

You can also transfer into the Chip Instant Access Account from either the Chip Cash ISA, Chip Easy Access Account or the Prize Savings Account. All you’ll need to do is click the ‘Transfer’ option when viewing your Chip Instant Access Account on the Savings tab.
​

The maximum you can deposit into this account is £1 million.

The minimum amount you can deposit is £1.

This is an instant-access account where you can withdraw your money whenever you like. There are no penalties for withdrawing your funds.

You can withdraw cleared funds in the 'Savings' tab which you'll see along the bottom of the app. Select your Chip Instant Access Account and then on the next screen tap the ‘Withdraw’ button below your balance and confirm the amount.

Money you have deposited should be with you within a few seconds when you withdraw, but can sometimes take up to two hours.

If you accrued any bonus before the returns changed from bonus to interest in February 2023, these funds will arrive the next working day as they are processed separately from deposited funds and interest.

Withdrawals will be processed to the bank account you have connected to Chip. You can see this on the 'Profile' tab in the app.

Any funds that you deposit will be processed into Chip and then stored in your own personal FSCS-eligible ClearBank account.

Yes, you can autosave directly into this account ('Savings Plans' settings can be found on the 'Profile' tab) and also perform manual saves at any time should you wish by selecting the account in the 'Savings' tab and tapping ‘deposit’. Saves into this account also count toward your in-app savings goals that you can set up in the ‘Goals’ tab. Please see our pricing plan page for further information
​

Yes, you can, just go to the 'Profile' tab and then select 'Account statements'.
​

The interest shows on the statement for the month it was paid in, not the month it was accrued in.

For example, if you earned interest in January, this would be paid out in February, and therefore it would appear in February's statement. We do not show pending/unpaid interest on your statement.
​

Unfortunately, we're unable to close the Chip Instant Access Account without closing your Chip account entirely. If you no longer wish to use this account, you're welcome to withdraw your funds and leave it dormant.

If you would like to close your Chip account entirely, you can request this by contacting our support team via email at hello@getchip.uk or via the in-app chat which can be found on the Profile tab. Please ensure all funds are withdrawn and please note that any interest that has accrued but not yet been paid will be paid to the linked bank account once your account is closed.

Founded in 2014, ClearBank is a purpose-built, technology-enabled clearing bank. Through its full UK banking licence and intelligent, robust technology solutions, ClearBank enables its partners to offer real-time payment and innovative banking services to their customers. They have won multiple industry awards and accolades including, the “Deloitte UK Technology Fast 50” in 2021 (a ranking of the 50 fastest-growing technology companies in the UK) and “Pioneer of the Year” at the British Banking Awards in 2020.

All our savings accounts are covered by the UK’s Financial Services Compensation Scheme (FSCS) meaning any eligible deposits will be protected up to £85,000. To find out more and to check your eligibility please visit https://www.fscs.org.uk/about-us/. When you instruct us to deposit your money via debit card, or when transferring funds via another Chip product, into any of our savings accounts, it is briefly held separately by Chip before we send it to your account of choice. When your money is held for these purposes, it is not protected under the FSCS scheme, but it is safeguarded.

For full details of what this means please see our blog. Deposits by bank transfer are made directly from your bank and are not held by Chip.

Yes, your deposits are covered by the FSCS (subject to eligibility). Please note: Cash you put into UK banks or building societies – that are authorised by the Prudential Regulation Authority – are protected by the Financial Services Compensation Scheme (FSCS). The FSCS deposit protection limit is £85,000 per authorised firm.

With Chip, our Chip Cash ISA, Chip Easy Access, Prize Saving Account and Chip Instant Access Account are all provided by Clearbank. This means deposits held in these accounts, together with any other ClearBank-provided accounts you might have, are considered to be one authorised firm. Deposits totalling over £85,000 held in any account provided by ClearBank would not be eligible for FSCS protection.

Your returns are paid as interest and as a consequence are covered by the FSCS up to £85,000.

We recognise that things can go wrong. We want to learn from our mistakes and improve your experience whenever possible. If you want to raise a complaint with us, you can do this either through email (at hello@getchip.uk), by post, or using Chip's in-app chat (this can be found by selecting ‘Contact us’ under the 'Profile' tab in the app).

Our postal address is: Chip Financial Ltd, Sixth Floor, Fora, Montacute Yard, 186 Shoreditch High Street, E1 6HU

ClearBank Ltd are authorised by the Prudential Regulation Authority and regulated by the

Financial Conduct Authority and the Prudential Regulation Authority (Financial Services Register number: 754568). Registered Address: ClearBank, Borough Yards, 13 Dirty Lane, London, SE1 9PA

You can view their privacy notice here. ClearBank legal information can be found here